13. (5 points) Suppose that you are thinking about buying a car and have narrowed down your
choices to two options:
(a) The new-car option: The new car costs $28,000 and can be financed with a four-year loan at
6.12%.
(b) The used-car option: A three-year old model of the same car costs $16,000 and can be financed
with a four-year loan at 6.86%.
What is the difference in monthly payments between financing the new car and financing the used car